Fall into Tax Amnesty

Louisiana, Connecticut and Arkansas have announced tax amnesty programs that are taking place this fall. Amnesty generally applies to most taxes collected by the state; however, the Arkansas amnesty program is limited to franchise taxes.

Louisiana’s amnesty will take place in three parts over three years. The first part is scheduled to begin today, September 23, 2013 and run through November 22, 2013. The other parts will take place for one month each in 2014 and 2015. The amnesty applies to tax periods beginning prior to January 1, 2013 and to tax notices issued by the Louisiana Department of Revenue for the period of January 1, 2001 through May 31, 2013. Taxpayers taking advantage of the amnesty offered in 2013 will have 100% of the penalties and 50% of the interest waived. Taxpayers taking advantage of the amnesty periods offered in the following two years will see reductions in penalties of 15% in 2014 and 10% in 2015 with no reduction of interest. The amnesty will apply to all taxes collected by the State of Louisiana Department of Revenue except for motor fuels tax.

Connecticut’s amnesty period began September 16, 2013 and will run through November 15, 2013. It is applicable to all taxes collected by the Connecticut Department of Revenue Services, except for motor carrier road tax, for any taxable period ending on or before November 30, 2012. Taxpayers properly taking advantage of the amnesty will have penalties waived and applicable interest reduced by 75%. Taxpayers who owe tax but do not take advantage of the amnesty will be subject to a penalty equal to 25% of the tax due.

Arkansas is also currently offering an amnesty program limited to franchise taxes. That program began September 1, 2013 and runs until December 31, 2013. All penalties and related interest will be waived upon the filing of the application and returns and payment of the tax prior to the deadline. Franchise taxes not paid by the December 31, 2013 deadline will invalidate the amnesty.

If you have questions regarding the amnesty programs, please contact your state and local tax professional for more details.

© 2013 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

 

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